Recession
A general decline in economic activity
Real World Example
During the period of 1790-1850, Europe and Latin America experienced significant political and social changes, partly due to economic recessions. These downturns often led to widespread unemployment, poverty, and dissatisfaction with existing governments, fueling revolutionary movements like those in France and Latin America. People demanded better living conditions, political freedoms, and economic reforms, using recessions as a catalyst for change. Today, recessions still matter because they can lead to job losses, decreased income, and financial instability for families. For example, during the 2008 economic recession, many people lost their homes due to the inability to pay mortgages, highlighting how economic downturns can directly impact individuals' lives.
